Business Services Industry
Cashless Sons of Gwalia withholds dividend.
Australasian Business Intelligence, February, 2003
Feb 19, 2003 (The Age - ABIX via COMTEX)
Western Australian miner Sons of Gwalia has scrapped its interim dividend and warned that it will struggle to meet its 2002-03 full-year net profit target. The company has unveiled a 79 per cent decline in net profit to $A7.2m for the six months to 31 December 2002. Sons of Gwalia said that it had a negative operating cash flow of $A21.6m in the December 2002 half. The company said that its cash position meant it is not prudent to pay a dividend. The miner said that an improved 2003 second-half net profit is required for it to meet its full-year forecast of $A34m. Sons of Gwalia shares closed down $A0.22 to $A1.61 on 19 February 2003. Originally published in "The West Australian".
Publication Date: 20 February...
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